Whether you are existing condominium
dwellers or would like to purchase one, you may want to know other taxes that
you will pay aside the value-added tax when you purchase a unit or adjacent
units where aggregate amount exceeds the threshold for VAT.
Likewise, condominium charges are now subject to
income tax and value-added tax. For a long time, association dues, membership
fees and other assessments/charges collected by a condominium corporation from
its members, tenants and other entities are not taxable as they are merely held
in trust to be used for operating, managing and maintaining condominium
project, costs and since no gain or profit are realized.
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